Hi All,I was hoping I could find out what the current rules are on this from any mortgage lenders or brokers: If I buy a house with lended private money when can I refinance into a lower interest loan and cash out the private money folks?

My company is a buyer and private lender of lower $ ARV SFR properties throughout the U.S.Wishing you continued success.

A promissory note is the contract between the lender and borrower, it references the transaction and deal terms; the mortgage, or deed of trust, is the security instrument that puts the lien on the property when recorded properly. 

Just like a conventional transaction.

Lower price, but will not cash flow as much as this one.

This in turn pushes the prices lower.  

The area is lower income compared to surrounding areas.

If you negotiate a good enough deal that pays you then complete the transaction with the investor to buy the house you have under contract.

The rents are in the lower range from $275-550.  6 of the units are vacant.  

Title companies are everywhere, but you should find one that is familiar with wholesale transactions.